SUI price surged 32.4% in 24 hours, reaching a record $8.7B market cap as Scallop (SCA) gained 87% in a week with 25.3% TVL growth.
SUI Price Rally 60% In a Week Hitting New Market Cap High of $8.7B
According to recent market data, SUI price surged 32.4% within the past 24 hours and over 60% in the last 7 days. This substantial growth has pushed SUI’s market capitalization to an all-time high of approximately $8.7 billion. This achievement has not only solidified SUI’s position in the market but also advanced it to the 15th spot among digital assets by market value. The sudden spike in SUI prices has attracted considerable attention from investors.
The increase in SUI price is coupled with a surge in trading volume, indicating a rise in investor interest. Over the past 24 hours, SUI trading volume increased by over 250%, reflecting heightened market activity, and signaling a bullish outlook. Analysts attribute this price rise to strong on-chain metrics and a favorable market environment.
Adding to the bullish sentiments, the MACD analysis on the daily chart indicates a strong upward trend for SUI. The MACD line has crossed above the signal line, currently reading 0.0211 against -0.0027, reflecting positive momentum. The histogram also supports this bullish outlook, as it has been showing green bars with increasing height. This widening gap between the MACD and the signal line indicates strengthening buying pressure and a continuation of the upward trend.
Source: Trading View
Furthermore, the Bull Bear Power (BBP) analysis reinforces the bullish trend, showing a positive value of approximately 1.2590. This positive reading suggests that bulls are dominating the market, as buying strength surpasses selling pressure.
What’s Next? Analysts Predict $10 Target for SUI
Following the recent rally, market analysts are optimistic about the future trajectory of SUI price, projecting a potential target of $10 if current trends persist. This positive outlook is driven by robust on-chain metrics, including high trading volume and active user engagement. Additionally, post-election market dynamics and the popularity of meme coins within the ecosystem may serve as further catalysts for price appreciation.
SUI November price prediction could continue to benefit from increased interest and favorable market conditions. If these factors align, SUI may see another significant rally, bringing it closer to the anticipated $10 target.
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